Flashcards
05. Target Marketing Process
Cards in this deck (13)
- 1Market size definitions1) Potential market (might be interested in buying a product)
2) Total available market (those in potential market interested in buying your particular product)
3) Served available market (target segment you wish to serve in TAM)
4) Penetrated market (size of SAM you capture) - 2Market segmentationDividing a market into distinct groups with common needs, who respond similarly to a marketing situation
These groups can be geographic, demographic or psychographic
- Bases for market segmentation: Behaviouristic or benefit segmentation - 3Target marketA target market is a specific, well-defined segment of consumers that a company plans to target with its products, services and marketing activities.
- 4Target market evaluationTarget markets should be evaluated based on sales, market share, new market entry and profitability
- 5Steps to select the right target market1) Determining how many segments to enter
2) Determining which segments offer the most potential - 6• Markets can be targeted in several ways:1) Undifferentiated: Ignoring segment differences
2) Differentiated: Making a number of segments and developing marketing strategies for each
3) Concentrated: Selecting a segment and attempting to capture a large share of this market - 7Target audienceNarrower than a target market; it refers specifically to the group of consumers targeted by advertisements
- 8Two types of audiences- Organisational stakeholders (Internal)
Do they share your beliefs or must you persuade them?
- Consumers (External): Prospective customers, customers and advocates
Do they have information or common background shared by internal audiences? - 9Persuading audiences – audiences can be1) Neutral: Require solid information, accurate figures and well-documented sources
2) Positive
3) Negative - 10Positioning and repositioningFitting a product or service to one or more segments of the broad market to make it unique within the marketplace.
Positioning can help make the brand easily identifiable and differentiated from others
Repositioning is possible but difficult - 11Approaches to positioning include:1) Focusing on the consumer
2) Focusing on the competition - 12- Types of positioning1) By product attributes or benefits
2) By price / quality
3) By use or application - 13Four competitive strategies to gain an advantage include1) Quality products at a premium price
2) Superior customer service
3) Lowest production costs
4) Dominating channels of distribution
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- MarComm Flashcards on 05. Target Marketing Process, created by Nina Olsson on 12/05/2019.
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- Nina Olsson
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